Proposal on Free Economic Zones Approved
Parliament approved on July 3 with 110 votes to one on its third and final reading a proposal paving the way for the establishment of free economic zones in Georgia.
The law on ?Free Industrialized Zones? allows for a zone, which should cover at least 10 hectares, to be established on the initiative of the government, a legal entity or a private individual. Companies operating in the zone will be exempt from profit and property tax and VAT. Goods exported from the zone or sent to other parts of Georgia will also be exempt from customs dues.
The law does not specify where the zones will be set up. Officials, however, have said that the ports of Poti and Batumi and Tbilisi airport are the most likely sites.
This post is also available in: ქართული (Georgian) Русский (Russian)